Pune, Oct. 21, 2020 (GLOBE NEWSWIRE) -- The global CRO Services Market Size will derive growth from increasing clinical trials in the coming years. According to a report by Fortune Business Insights, titled “Contract Research Organization (CRO) Services: Global Market Analysis, Insights and Forecast, 2019-2026,” the market was valued at US$ 38,396.4 Mn in 2018. Fortune Business Insights states that the market will reach US$ 90,926.3 Mn by 2026, thereby exhibiting a CAGR of 9.9%.
A contract research organization is a company that is engaged in providing various pharmaceutical services such as product development, statistical analysis, and regulatory updates. The contract research organization also helps in submitting applications for new drug approvals and framing these applications within the regulatory compliances, all while ensuring the applications meets safety standards as stated by the related authorities.
Factors such as increasing healthcare expenditure by the government as well as private organizations will favor the growth of the global CRO Services Market in the forthcoming years.
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Key Industry Developments:
- In February 2019, Pharmaceutical Product Development, LLC. (PPD), signed an agreement with, Happy Lie Tech, a China-based AI Company which focuses on patient recruitment, site selection, and real-world evidence generation
- In May 2019, Altasciences went in collaboration with WuXi AppTec to support full scope of drug development programs, from IND-enabling studies to regulatory support for both pre-IND and post-IND stages, as well as document preparation and submission provided by WuXi AppTec’s Investigational New Drug (WIND) platform.
- In June 2018, Cereno Scientific AB (publ) collaborated with OCT, a full-service clinical CRO operational in Central and Eastern Europe and the U.S. to conduct a phase II study to investigate the antithrombotic effects of Cerenos candidate drug CS1.
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Increasing Number of Non-Profit Organizations are Getting Involved in CRO launches
The demand for CROs has been increasing ever since healthcare institutions have unlocked various benefits of contract research organizations in business operations. With the inflating demand for CROs, investors have identified huge growth potential within establishing CROs.
The rise in the number of investors involved in developing contract research organizations has contributed to the growth of the global CRO services market. Besides non-profit organizations, the market continues to witness newer CRO launches from leading companies around the world. IN April 2019, FHI 360 announced the launch of a new CRO service, named FHI Clinical.
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Increasing Mergers and Strategic Collaborations to Favor Market Growth
Increasing mergers and acquisitions aimed at developing existing CROs and establishing new CROs are a primary factor that will account for the growth of the global CRO Services Market. The global CRO services market will also benefit from a recent surge in the number of company collaborations and agreements.
In 2018, Cereno Scientific announced that it is collaborating with leading CRO ‘OCT’. The company announced the collaboration with the aim of conducting phase 2 clinical trials for study of Cereno’s latest drug ‘CS1’.
Fortune Business Insights states that Cereno’s latest partnership will have a significant impact on the overall market. The report includes company collaborations and mergers, similar to Cereno’s latest merger. Fortune Business Insights has profiled some of the attractive business strategies adopted by renowned companies and gauges their impact on the global market.
List of the leading companies that are operating in the global CRO Services Market:
- Pharmaceutical Product Development, LLC.
- Medpace
- Clintec
- IQVIA
- PRA Health Sciences, Inc.
- ICON plc
- KCR S.A.
- PSI
- Parexel International Corporation.
- Covance Inc.
- Other prominent players
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Global CRO Services Market Segmentation:
By Service Type
• Discovery
• Pre-Clinical
• Clinical
• Laboratory Services
By Application
• Oncology
• Cardiology
• Infectious Disease
• Metabolic Disorders
• Others
By End User
• Pharmaceutical & Biotechnological Companies
• Medical Device Companies
• Academic & Research Institutes
• Others
By Geography
• North America (U.S. and Canada)
• Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
• Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
• Rest of the World
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SECONDARY DATA SOURCES THAT WE REFER TO:
- Annual reports, investor presentation, SEC filings, and press releases of companies operating in the market
- Studies published by relevant associations MedTech Europe; American College of Radiology; Cancer Council Australia; Japan Hospital Association, etc.), government sources (Centers for Disease Control & Prevention, Ministry of Health, Labour & Welfare, Japan; National Health Service, England, etc.), international organizations (World Health Organization, The Organization for Economic Co-operation and Development, Eurostat, etc.), and articles published by Research Gate, NCBI, etc.
- Website, reports, and press releases of end user facilities – Hospitals, Ambulatory Surgery Centres, Clinics
- Industry journals and paid databases
SECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:
- Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companies
- Details in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.
- Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facility
- Number of procedures and average price of procedures
- Replacement rate and pricing of capital equipment
- Market dynamics in relation to the market under focus – Drivers, restraints, trends, and opportunities
- Market & technological trends, new product developments, product pipeline.
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